Continuing its uptrend for the fourth straight day, the Rupee appreciated by 11 paisa and opened at 67.1475 and hovered in the range of 67.3150 and 67.0200 against the US dollar on account of increased selling of the greenback by exporters and banks. Participants are also keeping an eye on RBI’s second bi-monthly monetary policy meeting of 2018-19. Though, the dollar opened weak against basket of currencies but holding on to most of its strength even as confidence in the U.S. economy was bolstered by a strong jobs report.
• European Monetary Union Producer Price Index (MoM) came in at 0% below forecasts (0.3%) in April.
• Indonesia Inflation (MoM) came in at 0.21%, below expectations (0.24%) in May.
• United Kingdom PMI Construction above forecasts (52) in May: Actual (52.5).
USDINR open with negative bias showed correction closed with flat note.
If open below 67.1000 in upcoming session it may continue negative movements towards next support level of 66.8000. On higher side 67.5000 is resistance for it. EURINR showed correction form its lower levels and closed above its psychological resistance.
If sustain above 79.0000 than it may give positive movements and find resistance around 79.5000. On lower levels 78.7000 is act as support.
GBPINR showed positive movements throughout the session closed with positive bias.
Now, 90.5000 is act as resistance for it on higher levels above which it is more bullish and may find next resistance around 90.8000.
JPYINR open with negative bias showed correction closed around its resistance zone.
Sustaining below 61.3000 may shows more negative movements in the currency pair and find support around its psychological level of 61.0000.
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